Alkami Technology, a digital banking solutions provider, has signed a deal to acquire MANTL, the account opening platform, for $400M, including $380M in cash. “Since we founded MANTL nine years ago, our mission has remained constant: build technology that creates an equitable banking landscape where community financial institutions can not only survive but thrive,” said Nathaniel Harley, MANTL cofounder and Chief Executive Officer. “We are excited to join the Alkami family, a move which sets MANTL on a path to deliver even greater value to our clients and the banking industry at large.”
Since we founded MANTL nine years ago, our mission has remained constant: build technology that creates an equitable banking landscape where community financial institutions can not only survive but thrive. We are excited to join the Alkami family, a move which sets MANTL on a path to deliver even greater value to our clients and the banking industry at large. – Nathaniel Harley
Founded in 2016 by Harley, Benjamin Conant, and Raj Patel, MANTL has raised a total of $83M in equity funding and is backed by Techstars, Plug and Play, Right Side Capital Management, BoxGroup, Great Oaks Venture Capital, Revolution’s Rise of the Rest Seed Fund, Revolution, Point72 Ventures, Clocktower Technology Ventures, Jon Oringer, D1 Capital Partners, CapitalG, Sinai Capital Partners, Vine Ventures, Paul Sethi, Oldslip, Dave Lerner, and Endicott Group.
MANTL’s omnichannel account origination platform has transformed how financial institutions open deposit accounts, helping its 112 financial institution clients raise over $31B in deposits while saving employees over 350,000 hours through automation and process transformation. MANTL works with any core banking system, supporting account opening in branches, call centers, and online channels. Their system cuts retail account opening to under five minutes and business accounts to under 10 minutes, with 85% of applications processed automatically.
“MANTL is a leader in account opening, allowing financial institutions to boost deposit growth with a higher application conversion, higher initial funding, and less fraud than competitive alternatives. And, when combined with Alkami’s strengths in digital banking and data and marketing, it completes the Alkami Digital Sales & Service Platform, our solution to help financial institutions land and expand the account holder relationship and create competitive advantage,” remarked Alex Shootman, Alkami Chief Executive Officer.
MANTL is a leader in account opening, allowing financial institutions to boost deposit growth with a higher application conversion, higher initial funding, and less fraud than competitive alternatives. And, when combined with Alkami’s strengths in digital banking and data and marketing, it completes the Alkami Digital Sales & Service Platform, our solution to help financial institutions land and expand the account holder relationship and create competitive advantage. – Alex Shootman
MANTL offers a platform that works with any core banking system, supporting account opening in branches, call centers, and online channels. Their system cuts retail account opening to under five minutes and business accounts to under 10 minutes, with 85% of applications processed automatically.
The transaction is expected to close by March 31, 2025.
